GOR Chart, page-87

Here is my short term chart for GOR.
Very interesting from a technical perspective with clear and decisive chart behaviour. Charts like this make trading simple.
The uptrend was demolished some time ago on my trading chart therefore timing the bottom and change in trend becomes the name of the game as opposed to catching a falling knife.
The short term trend started falling from a double top back in July.
Trend finally broke in September.
There was an attempted breakout in January that failed. The higher high at $1.32 in December signalled for me an entry point. A trailing stop loss would have ensured I picked up a few % but exited the trade at $1.37 when the breakout failed.
This time is different.
The rising trend has powered off a double bottom and sliced through the falling trend. The entry point was $1.13.
Volatility could see the stock fall back to support so I would not set a stop loss too high. The chances of picking up the stock at a lower price (below $1.12) are very limited (almost non-existent). Even $1.04 is a triple bottom.
If GOR pulls back to $1.17, which caps off the current run, we have a short term target of $1.58 which is only valid if the rising trend is valid.
Importantly, on my trading chart which is in a down trend, resistance begins at $1.47 and a breakout will not occur until it hits $1.71.
I believe GOR will trade up to major resistance before a substantial pull back (>15%) and this short term chart can be used to determine an entry on the rebound.
Ideally it will be a lower low (red box), just above the rising trend.
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